Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has obtained a custody license in Egypt from the Financial Regulatory Authority, Egypt’s Capital Market regulator. The license will facilitate membership of the country’s central securities depositary, Misr for Central Clearing, Depository and Registry (MCDR), providing the integral function of settlement and clearing of trades executed on The Egyptian Exchange (EGX).
This follows FAB’s recent definitive agreement to buy 100% of Bank Audi Egypt, including its local custody franchise, which will supplement FAB’s custody services expansion in Egypt. Post-acquisition, FAB will be one of the largest foreign banks in Egypt by total assets with pro-forma total assets of more than EGP 120 billion (USD 8.1bn).
Kashif Darr, Managing Director & Head of Securities Services, said: “FAB has operated in Egypt since 1975 and the addition of Egypt custody services further emphasises our commitment to the market. We will offer domestic investors a full range of world class post-trade solutions, with our direct MCDR connectivity at its core. We will also intermediate international capital flows into this strategic market, as part of our regional direct custody platform. “
Egypt is the fourth direct custody market FAB has added to its Middle East proprietary network in the past year, which now spans UAE, Saudi Arabia, Oman, Bahrain, Lebanon and Egypt, with Kuwait and Qatar to follow. This creates the region’s largest direct custody network, offering investors unparalleled access to the Middle. Our expanded coverage is complemented by our focus on delivering solutions for the unique challenges faced by investors in the region, based on our insights as a leading financial institution in the region.
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About First Abu Dhabi Bank (FAB)
FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s vision is to create value for its employees, customers, shareholders and communities to grow stronger through differentiation, agility and innovation.
Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is a trusted adviser and regional partner to major institutions, emerging companies and individuals seeking to do business in the UAE, the MENA region and beyond. As an engine of growth for the region, it helps customers to thrive and grow stronger by managing risk, providing access to capital and facilitating trade flows across developed and emerging markets.
FAB continuously anticipates evolving requirements, develops innovative solutions and moves in tandem with customers to offer an extensive range of tailor-made products via its market-leading Corporate and Investment Banking (CIB) and Personal Banking Group (PBG) franchises.
Aligned to the Abu Dhabi Economic Vision, inspired by global standards and guided by the expectations of stakeholders, FAB takes a leading role in fostering development and driving change towards a more sustainable future. FAB sees beyond traditional banking and embraces a challenger mindset. Its ambition is to contribute to social and human development, which creates a dynamic, inclusive and tolerant society.
With total assets of AED 919 Billion (USD 250 Billion) as of December-end 2020, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively, the strongest combined ratings of any bank in the MENA region. The Bank has been ranked by Global Finance as the Safest Bank in the UAE and the Middle East, and the 32nd Safest Bank globally. The Banker’s Top 1000 World Banks 2020 list, measured by Tier 1 capital, ranked FAB as number one in the UAE, second in the Middle East and #85 across the globe - in addition to ranking the bank #109 by assets in the same list. FAB is also a regional sustainability leader, and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.
For further information, visit: www.bankfab.com, or https://www.growstronger.com/ Grow Stronger or https://www.bankfab.com/en-ae/updates for COVID-19 related updates.
For media inquiries, please contact:
Talal Natafji
Weber Shandwick MENA
Fax: + 971 2 449 4833
Email: TNatafji@webershandwick.com
© Press Release 2021
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